524.601 Board of directors. 1. The business and affairs of a state bank shall be managed by a board of five or more directors eighteen years of age or older, a majority of whom shall be residents of the state ofIowa and citizens of the United States. 2. The number of directors may be increased, or decreased to a number not less than five, by the shareholders at the annual meeting, or at a special meeting called for that purpose,but no decrease shall have the effect of shortening the term of an incumbent director. [C97, §1845, 1866; C24, 27, §9163, 9164, 9165, 9166, 9210 – 9212, 9213; C31, 35, §9163, 9164, 9165, 9210 – 9212, 9217-c2; C39, §9163, 9164, 9165, 9210 – 9212, 9217.2; C46, 50, 54,58, 62, 66, §526.8, 526.9, 526.10, 527.8 – 527.10, 528.2; C71, 73, 75, 77, 79, 81, §524.601] 95 Acts, ch 148, §60Referred to in §524.103 Sat Dec 23 01:15:00 2023 Iowa Code 2024, Section 524.601 (22, 0)
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